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May 18th, 2015

Market Summary for the Week of May 11 - May 15, 2015

by Meghan Nee and Michelle Tham, Analysts

Synopsis of Last Week's Energy Markets

WTI and Brent both continued to move downward last week, a general trend since late June. Both OPEC and the International 
Energy Agency lowered their 2015 global demand forecasts, and the EIA reported a forecast for a 1 million barrel increase in 
domestic production for 2015 over 2014 estimates. Natural gas prices capped a weekly gain last week on forecasts for lingering 
heat and on speculation that low gas prices will boost demand from electricity generators. Thursday's EIA storage report brought 
news of the largest gain in seven weeks, cutting the deficit to the five-year average levels to 14.2%

Crude oil finished the week close to where it started while Brent inched upwards. Both OPEC and the EIA increased their projections for global crude demand. The EIA’s Short Term Energy Outlook boosted estimates for Brent price while lowering US production estimates for 2015. Natural saw a third straight week of gains on projections for above-normal air conditioning demand through the end of May. Furthermore, the EIA projects increased reliance on natural gas as a power generation fuel versus last year. 

To view the complete Market Summary, click here.

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